Tencent Holdings will terminate next month the operations of Kuai Bao, its news aggregator app, in a sign that even China’s most powerful and deep-pocketed Big Tech companies must cut non-core businesses amid ongoing regulatory pressure and the country’s flagging economic growth, reports the South China Morning Post.
Subscribers will not be able to log on and use Kuai Bao from July 18, when it will be removed from domestic online app stores, according to a Kuai Bao statement last Friday. The existing Tencent News app will not be affected by that move, which was described as part of regular “business adjustments” by operator Tencent, which runs the world’s largest video gaming business by revenue and China’s biggest social media platform via super app WeChat.
Kuai Bao users are encouraged to take screenshots or save links to record their collection, historical data and the list of accounts they follow, according to the statement.
